Record Revenue in September
Micro LED manufacturer PlayNitride reported a record monthly revenue of approximately $7.4 million in September 2023, marking a year-over-year increase of 180.47%. Cumulatively, the third quarter revenue reached approximately $17.6 million, also a historical high, reflecting a year-over-year growth of 48.96%.
Strong Profit Performance
The company recently announced its self-reported profit for September, indicating strong performance driven by high revenue. The earnings per share (EPS) for September was $0.39, suggesting that PlayNitride expects to achieve profitability for the third quarter and maintain a positive profit trend in the fourth quarter, with a full-year turnaround from losses to profits anticipated.
Business Segments Driving Growth
In September, the company’s operational momentum remained centered on three main business segments: Chip On Carrier (COC) for Micro LED production processes, Non-Recurring Engineering (NRE) fees, and Turnkey Solutions. Notably, progress on the Turnkey Solutions partnership with Epistar has accelerated, with partial revenue recognition beginning in September. The goal is to complete the project between the first quarter and April of next year, with further revenue recognition aligned with project progress.
New Sales Project for Mass Transfer Equipment
Additionally, PlayNitride introduced a new sales project for mass transfer equipment this year, with the first unit already shipped. The client is currently in the verification phase, and once completed, the revenue from the equipment sales can be recognized. Discussions are also underway with other panel manufacturers regarding the sale of mass transfer equipment, which may yield results as early as next year.
Optimistic Outlook for the Future
PlayNitride is optimistic that the momentum in these three business segments will continue into next year. After clients purchase the equipment, there will still be ongoing COC order demand, ensuring a positive growth trend for COC. There is significant demand for NRE from various manufacturers, while the Turnkey Solutions segment, despite its variability, is expected to grow steadily. Overall, the visibility of orders for COC and NRE remains quite clear. PlayNitride aims to double its revenue each year, targeting approximately $54 million this year and approximately $108 million next year.

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